U.K. engineering group Hunting closed an acquisition of FES, a provider of offshore energy services and supplies. (Source: Shutterstock.com)
Engineering group Hunting Plc closed an acquisition of Flexible Engineered Solutions Holdings Ltd. (FES), the company said June 24.
The deal included consideration of approximately US$68 million (£50 million) in cash, with no debt involved. FES’ leadership team will stay with Hunting for at least one year post-acquisition.
The FES acquisition gives Hunting a boost in offshore energy services. FES specializes in fluid transfer solutions, like high-tech hoses, connectors and valves that enable oil and gas fluids to move through offshore systems. FES’ products are used in FPSOs and subsea distribution systems.
The acquisition is expected to immediately increase Hunting’s earnings, before accounting adjustments and acquisition costs.
“FES's fluid transfer solutions perfectly complement our existing subsea and FPSO-related lines, creating strong product bundling and cross-selling opportunities with our existing subsea businesses as well as the potential for further international growth,” said Jim Johnson, CEO of Hunting.
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